The European Commission (EC) has approved leading energy company Chevron Corporation’s acquisition of US biodiesel and renewable diesel producer Renewable Energy Group (REG) under the EU Merger Regulation, Biofuels Digest wrote.
Iowa-headquartered REG was also active in sales of carbon credits, petroleum-based products and petroleum-based products blended with bio-based diesel, the 7 June report said.
Chevron Corporation produces crude oil and natural gas, transportation fuels, lubricants, petrochemicals and additives, according to the report.
In its conclusion, the EC said the proposed acquisition would not raise competition concerns due to the limited overlap between the companies’ activities. In addition, the acquisition would not affect the European Economic Area.
According to Chevron Renewable Energy Group’s website, the combined company is one of the largest biodiesel producers by volume in the USA and is also a producer and supplier of a range of other products. Using a global integrated procurement, distribution and logistics network, the company operates 11 biorefineries in the USA and Europe.
In 2021, Renewable Energy Group produced 480M gallons (1.8M litres) delivering 4.1M tonnes of carbon reduction.